U.S. President Donald Trump said he supports a deal that will allow TikTok to continue to operate in the U.S., after threatening to ban the Chinese-owned app in August. He told reporters at the White House he backs the deal with TikTok owner ByteDance, Oracle and Walmart to create a new company called TikTok Global that will assume TikTok's U.S. operations. (Drew Angerer/Getty Images)U.S. shareholders are expected to control 53 per cent of TikTok Global, a person briefed on the matter said, while Chinese investors will hold 36 per cent. Trump said the new company will be "totally controlled by Oracle and Walmart.... All of the control is Oracle and Walmart." China still must approve dealReuters reported on Thursday that ByteDance is planning a U.S. initial public offering of TikTok Global.

Source: CBC News September 19, 2020 23:41 UTC